Trends of Global Fintech Education Practices and the GCC Perspective

Abstract

The purpose of this study is to investigate the world-wide’sfinancial technology (Fintech) educationand particularly the Gulf Cooperation Council (GCC) practices toprovide a roadmap and suggestions towards the proper Fintech education in the GCC. Therefore, we conducted an in-depth interview with 15scholars and Fintech specialists from different Gulf universities (i.e. from Bahrain, Saudi Arabia, UAE, Kuwait, and Oman). In addition, the study used secondary data to explore the current opportunities and education of universities in the field of Fintech; and the projects and researches in this field, which emerged with new technological developments in universities. Websites on the financial departments of universities in the GCC, data from the national education Ministry of the concerned countries were also examined.The findings reveal thatnone of the universities in the GCC is included in the top 10 leaders in Fintech/crypto education. Despite there are a sufficientnumber of finance departments and centers of research, most universities in the GCC have inappropriate education systems for preparing professional staff working in the Fintech sector. Furthermore, the training process is also not making the necessary progress for this industry to join the international race in this field. Approaches of education are still traditional and behind the advancement of others, there is classic methods of learning and education techniques with no real connection with technology. We conclude that each educated individual in the GCC has to think about Fintech in light of the fact that it may be one of the world's most significant advancements in the near future. Further, the blockchain technology may assist us with changing the connections among schools, colleges, universities and, thusly, their relationship to society.